$1,000,000 Hole In One (« back to glossary)
Golf tournament organizers use $1,000,000 hole in one contests to increase participation, awareness, and excitement at their events. In most cases, tournament organizers locate a company, such as an auto dealer, to act as the $1,000,000 hole in one contest sponsor. However, rather than the sponsor taking the risk or assuming the liability of paying out $1,000,000 in the event a player makes a hole in one, the sponsor usually opts to insure the $1,000,000 hole in one contest.
As with any other kind of insurance policy, the sponsor pays a small premium to an insurance company, which will then pay for the prize if the player makes the $1,000,000 hole in one. In addition to providing the $1,000,000 hole in one insurance policy, these highly specialized insurance companies also offer signage promoting the $1,000,000 hole in one, as well as prizes for other “non-target” par three holes.
If you are considering adding $1,000,000 hole in one to your tournament or golf event, or sponsoring a $1,000,000 hole in one, it is a good idea to select the right insurance company for the job. Before taking out your $1,000,000 hole in one insurance policy, ask the company what their A.M. Best rating is, how long they have been in business, and how many claims they have paid out. This way you can be sure if you have $1,000,000 hole in one winner, the company will be there to pay for the prize.
For example, Hole In One International has been offering $1,000,000 hole in one insurance since 1991 and has paid out over $30 million in claims. Hole In One International is proudly underwritten by Praetorian Insurance which is "A" (Excellent) rated by A.M. Best. Click here for more information or to receive a free, no obligation quote on $1,000,000 hole in one insurance.